Taxi Driver Online

I think you are right Grandad.

These speculators were telling folks last year that oil would be $200 a barrel by now. Let's hope many of them hedged it at that rate and have done their bollocks.

_________________
IDFIMH

£112.9 a litre in sainsburys if you spend £50.
5p a litre off

FRENCH PRESIDENCY FINALISES REPORT ON RISING ENERGY PRICES.

Source:Europe Energy (Oct 8, 2008)

The French EU Presidency has now finalised its report on short and medium-term measures against rising oil prices.

Back in June, the European Council tasked the Presidency, together with the European Commission, with reporting to the October European Council.

The report builds on discussions already undertaken in Ecofin, albeit with input from other Council formations, notably energy, environment and GAERC.

The French concentrate on measures that can be applied without delay burying, to "further study," other VAT measures to smooth the effects of energy price rises.

In June, French President Nicolas Sarkozy's proposals for VAT reductions on fuel were rejected by Eurogroup members.

In their note to the Ecofin Council, the French stick closely to the core competence of finance ministers: market functioning; financial instruments to promote energy efficiency; use of renewables and more environmentally-friendly use of fossil fuels; as well as possible relief measures against oil price increases.

Despite recognising that high oil prices result, to a large extent, from a structural shift in oil supply and demand, the Presidency does accuse financial markets of having played some role in "amplifying recent oil price movements and in increasing their volatility".

Here, the European Council "could" invite the Commission to formally ask oil companies to "voluntarily" introduce a weekly publication of commercial oil stocks before the end of the year. This would come ahead of the Commission's directive on emergency stocks expected in October-November.

EIB MUST DO MORE

The Presidency reconfirms the possibility of short-term targeted action for vulnerable households such as "providing low-income people with a lump sum amount to compensate for the rising costs of their heating bills".

Nonetheless, measures that prevent necessary adjustments should be avoided.

Central to the French paper is using the leverage provided by the European Investment Bank (EIB). The French suggest that the bank should increase lending targets for energy in its next corporate operational plan for 2009 to 2011, setting a minimum floor of at least 20% of its EU energy projects being renewable energy projects. With no direct reference to nuclear power, the French Presidency note argues that the bank should also maximise the proportion of projects with low carbon' technologies (including large-scale demonstration projects for carbon capture and storage) as well as promote low energy consumption projects.

There should also be more EIB action in terms of energy efficiency at lower levels of households, public authorities and particularly SMEs. Finally, the EIB should define a methodology, by the end of 2008, to quantify the volume of greenhouse gas emissions produced by its projects, including an assessment of the longer-term consequences of its transport projects.
_____________________________________

The FT reported that Oil hit $86 a barrel yesterday a level not seen since early December last year, so why are fuel prices not marching in tune with the commodity considering the opposite was the case when oil was going up by as little as a dollar a day not so long ago.

Regards

JD

_________________
Copyright notice © The contents of this post are copyright of JD and are not to be reproduced outside of TDO without written permission.

http://www.oil-price.net/

Keep an eye on the price here

And according to the AA stats, petrol was then £1.02, and diesel £1.08, a litre.

_________________
IDFIMH

The money grabbing barstewards are robbing us blind.

_________________

http://wingsoverscotland.com/ http://www.newsnetscotland.com/

$83 today.

£1.20p today, 98p last time Oil was so 'low'.

Under 80 dollars so far today and expected to fall.

Regards

JD

_________________
Copyright notice © The contents of this post are copyright of JD and are not to be reproduced outside of TDO without written permission.

Last time a barrel of oil was under $80 was in September 2007, when petrol was 94p a litre and diesel 95p a litre.

_________________
IDFIMH

Some energy companies mouthpiece on R4 a moment ago, when questioned why the falls in oil price hadn't been reflected by similar drops at the pumps, 'explained' "the price ($80) is the price for oil to be delivered in three months time, not the price of oil that's in the system."

Which begs the question, 'so why did price rises at the pumps fail to lag three months behind the increases in oil prices?'
As it's the same 'in the system' oil either way. He'd shot himself in the foot and the interviewer (Carolyn Quinn?) failed to pick him up on it.

Granted he cited the £ falling against the $ as 'another reason' why pump price falls didn't mirror oil price falls, but detailed this as (I think) 3p or so a litre.
Again she didn't quiz him on why, when the rate climbed to $2 = £1 earlier in the year, pump prices didn't reflect this, with or without a three month lag.

Email the show and ask them why

The Government should launch an investigation into the oil industry in this country. If oil companies in the states can reduce prices then there is no reason why they can't lower prices everywhere else.

Regards

JD

_________________
Copyright notice © The contents of this post are copyright of JD and are not to be reproduced outside of TDO without written permission.

Hopefully, this will bring down the price of domestic fuel as well gas elecy

£116 BP kings x..